Ravenna, Federico; Walsh, Carl E. - Federal Reserve Bank of San Francisco - 2009
FEDERAL RESERVE BANK OF SAN FRANCISCO
WORKING PAPER SERIES
Working Paper 2009-15
http://www.frbsf.org/publications/economics … wage. Workers are never unemployed and only hours worked per worker vary over
the business cycle. As a consequence, the … that, at business
cycle frequencies, most variation of labor input occurs at the extensive margin. Figure 1 shows
HP …